Kiwi Plc sold an antique painting which had been purchased inJanuary 1996 for £21,000. It was sold for £4,200 in January 2021. The proceeds were received net of auction fees of £650. What is Kiwi Plc's allowable loss?​

Answers

Answer 1

Answer:

$17,450

Explanation:

The antique painting that was bought in January 1996 was sold for $21,000

It was sold for 4,200 in January 2021

It received a net auction fee of 650

Therefore the allowable loss can be calculated as follows

= 21,000-4200+650

= 17,450

Hence the allowable loss is $17,450


Related Questions

Jebali Company reports gross income of $340,000 and other property-related expenses of $229,000 and uses a depletion rate of 14%. Calculate Jebali's depletion allowance for the current year. $fill in the blank 1

Answers

Answer:

15,540

Explanation:

Depletion = depletion rate x (gross income - expenses)

0.14 x ($340,000 - $229,000) = 15,540

Define the KPI ‘rate of staff absenteeism’.

Answers

Answer:

KPI, Key Performance Indicators are used for measuring the average absenteeism rate per employee. This is computed as a % of the total working days.

Explanation:

Individual employee Key Performance Indicators (KPIs) are metrics that assist in tracking the ability of your employees to meet your expectations and their impact on the business goals.

A consumer's weekly income is $250, and the consumer buys 12 bars of chocolate per week. When weekly income increases to $280, the consumer buys 13 bars per week. The income elasticity of demand for chocolate by this consumer is about

Answers

Answer:

0.69

Explanation:

Given that we have the formula for calculating income elasticity of demand as the percent change in quantity demanded divided by the percent change in income, hence, we have the percent change in quantity demanded => 13 - 12 = 1 ÷ 12 = 0.083

the percent change in income => 280 - 250 = 30 ÷ 250 = 0.12

Therefore we have => 0.083 ÷ 0.12 = 0.69

Hence, the final answer is 0.69

Your father offers you a choice of $120,000 in 11 years or $48,500 today. Use Appendix B as an approximate answer, but calculate your final answer using the formula and financial calculator methods. a-1. If money is discounted at 11 percent, what is the present value of the $120,000

Answers

Answer:

$38,074

Explanation:

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow in year 1 to 10 = 0

Cash flow in year 11 = $120,000

I = 11

PV = 38,074

To determine PV using a financial calculator take the following steps:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

Given the choice, i would choose $48,500 today.

You're trying to save to buy a new $207,000 Ferrari. You have $57,000 today that can be invested at your bank. The bank pays 6.5 percent annual interest on its accounts. How long will it be before you have enough to buy the car?

Answers

Answer:

19.84 years

Explanation:

Number of years =  in ( fv / pv) / r  

FV = future value

PV = present value

r = interest rate

IN(207000 / 57000) / 0.065

IN (3.631579) / 0.065 = 19.84

Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information:

Production:
Units in process, July 1, 60% complete 18,000 gallons
Units completed and transferred out 141,000 gallons
Units in process, July 31, 45% complete 16,000 gallons
Costs:
Work in process, July 1 $36,000
Costs added during July 398,460

Required:
Prepare a production report.

Answers

Answer:

Aztec Inc.

Mixing Department

Production Report

For the month of July

Equivalent units of production:

Beginning work in process       18,000                  7,200 (40%)

Units started and completed 139,000               139,000 (100%)

Ending work in process           16,000                   7,200 (45%)

Total equivalent units of production                 153,400

Cost per equivalent unit:

Costs added during July $398,460

Equivalent units                 153,400

Cost per equivalent unit = $2.60 ($398,460/153,400)

Cost to be accounted for:

Work in process, July 1                  $36,000

Costs added during July               398,460

Total costs to be accounted for $434,460

Costs assigned:

Beginning work in process = $18,720 (7,200 * $2.60)

Units started and completed = $361,400 (139,000 * $2.60)

Ending work in process =  $18,720 (7,200 * $2.60)

Costs assigned to:

Units completed and transferred out:

 Beginning work in process costs:

   60% completion =     $36,000

   40% completion =        18,720

 Units started and

  completed in July =   361,400

Total costs assigned to

 units transferred out =                 $416,120

Cost of ending work in process =    18,720

Total costs assigned =                 $434,840

Explanation:

a) Data and Calculations:

FIFO Method

                                                      Units       Degree of Completion

July 1 work in process                 18,000                   60%

Units transferred out                 141,000

July 31 work in process              16,000                    45%

Production units available       157,000

Beginning work in process       18,000                   40% to be completed

Units started and completed 139,000                   100%

the gap between 'where we are now' and 'where we want to be' is known as the.....​

Answers

Answer:

Planning gap.

Explanation:

Planning can be defined as the process of developing organizational objectives and translating them into action plans or courses of action.

This ultimately implies that, planning is a strategic technique used by organizations to make an aggregate plan for its manufacturing (production) process typically ahead of time, in order to have an idea of the level of goods that are to be produced and what resources are required so as to reduce the total cost of production to its barest minimum.

The planning gap can be defined as the gap between "where we are now?" and "where we want to be?"

Basically, "where are we now?" describe the current situation of things or financial and non-financial activities that a business firm currently holds.

On the other hand, "where we want to be?" is a vision and mission statement that focuses on achieving the goals and objectives set for a business firm.

Joe had made an agreement with Auto Insurance Co. not to use his van for commercial business purposes when he purchased auto insurance. Joe had an accident while delivering pizzas for Bigger Pizza, Inc. For which type of violation will Joe not be covered under his insurance?

Answers

Answer:

.Concealment

Explanation:

From the question we are informed about Joe who had made an agreement with Auto Insurance Co. not to use his van for commercial business purposes when he purchased auto insurance. Joe had an accident while delivering pizzas for Bigger Pizza, Inc. the type of violation that Joe will not be covered under his insurance is Concealment.

Concealment can be regarded as omission of information during insurance process, which would definitely has effect on the issuance as well as the rate of an insurance contract. In a case whereby the insurer is unable to get access to the nondisclosed information and the

nondisclosed information is material as regards the decision-making process, nullification of the insurance contract can be carried out by the insurer.

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither.
Statement Consumer Surplus Producer Surplus Neither
Even though I was willing to pay up to $83 for a watch, I bought a watch for only $75.
I sold a used textbook for $55, even though I was willing to go as low as $47 in order to sell it.
A local store was having a sale on sweaters, so I bought a jersey sweater for my brother.

Answers

Answer:

Consumer surplus

producer surplus

neither

Explanation:

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.

Consumer surplus = willingness to pay – price of the good

The willingness to pay for the watch was $83 but the watch was bought for $75. There is a consumer surplus from the purchase

Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product

Producer surplus = price – least price the seller is willing to accept

The least price the seller was willing to accept for the purchase was $47 but he was paid $55 for the textbook. This is a producer surplus

Super Garage was started on June 1 by Mr. Peter Thomson . A summary of June transactions

is presented below.

June 1. Invested $25,000 cash to start the garage.

2. Purchased repair equipment for $5,000 cash.

4. Paid $500 cash for the space rent.

4. Hired an employee

5. Paid $700 for a one-year fire insurance policy.

6. Received $10000 in cash from customers for repair service.

10. Provided repair service on account to customers $1750.

21. Collected cash of $5000 for services provided on June 6.

27. Withdrew $1,000 cash for personal use.

30. Paid employee salaries $3,000.

30. Received an electricity bills $170.

Required:

i. Journalize the transactions

ii. Post and balance the transactions to ledger accounts

Answers

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At the end of the previous year, a customer owed Days Company $400. On February 1 of the current year, the customer paid $600 total, which included the $400 owed plus $200 owed through February 1st. The journal entry on February 1 is? (Check all that apply.)

Answers

Answer:

The relevant journal entry would be:

Date                    Account Title                                           Debit            Credit

February 1          Cash                                                       $600

                          Accounts Receivable                                                   $400

                           Revenue                                                                       $200

The entire $600 will be debited to cash to show that $600 was received in cash.

$400 will go to Accounts Receivable to cancel out the debt owed by the customer.

Revenue will be credited $200 for the amount owed through February 1st. Revenue is credited when it increases.

Answer: Cash will debited for $600

Accounts receivable will be credited for $400

Service revenue would be credited for $200

Explanation: it’s was the correct answer on the homework

Each of Professor A and Professor B at UTD has a private secretary, who can type four letters per hour. The letters are generated at a rate of three per hour by each of the two professors, who have been wondering if they would benefit from pooling the two secretaries. Perform a queuing analysis. What is the average waiting time of a letter in the system.

Answers

Answer:

Average waiting time = 7.5 minutes

Explanation:

UTD private secretary can type the number of letters = 4  per hour by each.

By professor, the letter generated = 3 per hour by each

Thus by pooling the average time will be the time that comes by dividing the one hour with total letters in an hour.

Use the below formula:

Average waiting time = Minutes in one hour / total letters

Average waiting time = 60 / 8

Average waiting time = 7.5 minutes

MC Qu. 101 The following information... The following information describes a company's usage of direct labor in a recent period. The direct labor rate variance is: Actual hours used 46,000 Actual rate per hour $ 16 Standard rate per hour $ 15 Standard hours for units produced 48,000

Answers

Answer:

$46,000 Unfavorable

Explanation:

Calculation to determine what The direct labor rate variance is:

Using this formula

Direct labor rate variance = Actual hours * ( Actual Rate - Standard Rate)

Let plug in the formula

Direct labor rate variance=46000*($16- $15)

Direct labor rate variance=46,000*$1

Direct labor rate variance=$46,000 Unfavorable

Therefore The direct labor rate variance is: $46,000 Unfavorable

At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $896,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $448 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions.

Answers

Answer:

Explanation:

Dec 31:

Debit Bad debts expense = 0.003 × $896000 = $2688

Credit Allowance for doubtful accounts = $2688

February 1:

Debit Allowance for doubtful accounts $448

Credit Accounts receivable—P. Park $448

June 5:

Debit Accounts receivable—P. Park $448

Credit Allowance for doubtful accounts $448

June 5:

Debit Cash $448

Credit Accounts receivable—P. Park $448

During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much raw materials were transferred to production during 2017 for Benson

Answers

Answer:

Raw Materials transferred to production during 2017 $1,466,000

Explanation:

The computation of the raw material transferred to production is given below:

Opening raw material 2016 $80,000

Add : Purchase of Raw material $1,450,000

Less Closing Stock raw material 2017 $64,000

Raw Materials transferred to production during 2017 $1,466,000

Hence, the same should be relevant

As of December 31, Drake Inc. reported the following (in millions): Current AssetsLong-term AssetsCurrent LiabilitiesTotal Liabilities $31,967$42,737$26,132$61,491 What amount did Drake Inc. report as equity on December 31

Answers

Answer:

$13,213

Explanation:

The computation of the equity is shown below:

As we know that

Total assets = total liabilities + total stockholder equity

here

Totalassets be

= $31,967 + $42,737

= $74,707

ANd, the total liabilities is $61,491

So, the equity should be

= $74,707 - $61,491

= $13,213

The following data apply to Elizabeth's Electrical Equipment:
Value of operations $20,000
Short-term investments $1,000
Debt $6,000
Number of shares 300
The company plans on distributing $50 million by repurchasing stock. What will the intrinsic per share stock price be immediately after the repurchase?

Answers

Answer:

$50

Explanation:

Calculation to determine the intrinsic per share stock price be immediately after the repurchase

First step

Total Assets=Value of operations of 20,000+ Short term investments of 1000

Total Assets=$21,000

Second step

Equity =Assets - Debt

Equity= $21,000-$6,000

Equity= $15,000

Now let determine the intrinsic per share stock price

Intrinsic per share stock price=$15,000/300

Intrinsic per share stock price=$50

Therefore the Intrinsic value per share will be $50 immediately after the repurchase has occured.

The intrinsic per share stock price immediately after the repurchase would be approximately $166,716.67

How did we get the value?

To determine the intrinsic per share stock price immediately after the repurchase, we need to calculate the new number of shares outstanding after the repurchase and then divide the remaining value of operations by the new number of shares.

Given data:

Value of operations: $20,000

Short-term investments: $1,000

Debt: $6,000

Number of shares: 300

First, we need to calculate the new number of shares outstanding after the repurchase. Since the company plans on distributing $50 million by repurchasing stock, we can use this information to determine the number of shares repurchased.

The value of operations ($20,000) plus the short-term investments ($1,000) minus the debt ($6,000) gives us the total equity value of the company before the repurchase:

Equity value before repurchase = Value of operations + Short-term investments - Debt

= $20,000 + $1,000 - $6,000

= $15,000

Let's assume the repurchased shares are denoted by R.

Now, we can set up an equation to represent the total equity value after the repurchase:

Equity value after repurchase = (Number of shares - R) × Intrinsic per share stock price

Given that the total equity value after the repurchase is $15,000 and the number of shares is 300, we have:

$15,000 = (300 - R) × Intrinsic per share stock price

We also know that the company plans on distributing $50 million by repurchasing stock, so we can set up another equation to represent the total value of the repurchased shares:

Total value of repurchased shares = R × Intrinsic per share stock price

Given that the total value of repurchased shares is $50 million, we have:

$50,000,000 = R × Intrinsic per share stock price

Now we can solve these two equations simultaneously to find the values of R (repurchased shares) and Intrinsic per share stock price.

We have the following system of equations:

$15,000 = (300 - R) × Intrinsic per share stock price ...(1)

$50,000,000 = R × Intrinsic per share stock price ...(2)

Divide equation (2) by Intrinsic per share stock price:

$50,000,000 / Intrinsic per share stock price = R

Substitute this value of R into equation (1):

$15,000 = (300 - ($50,000,000 / Intrinsic per share stock price)) × Intrinsic per share stock price

Simplify:

$15,000 = 300 × Intrinsic per share stock price - (50,000,000 / Intrinsic per share stock price) × Intrinsic per share stock price

$15,000 = 300 × Intrinsic per share stock price - 50,000,000

Rearrange the equation:

300 × Intrinsic per share stock price = $15,000 + $50,000,000

300 × Intrinsic per share stock price = $50,015,000

Intrinsic per share stock price = $50,015,000 / 300

Intrinsic per share stock price = $166,716.67 (rounded to two decimal places)

Therefore, the intrinsic per share stock price immediately after the repurchase would be approximately $166,716.67.

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A company like Motorola might establish a goal of reducing its inventory by 50 percent over the next year. To ensure that it reaches this goal, the company could monitor its progress on a quarterly or monthly basis. If the managers at Motorola discover that there is a danger of not achieving this goal, they can take corrective action to adjust for the deficiency. This is a description of the managers' ____ function.

Answers

Answer:

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Explanation:

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team skills do not require the ability to communicate effectively.
true or false

Answers

Answer:

I think false .

Explanation:

I think so because while working in a team the most important thing that we need is communication skill.

Cheers Corporation purchased for $500,000 5,000 shares of Beer Corporation common stock (less than 5% of the outstanding Beer stock) at the beginning of the current year. It used $400,000 of borrowed money and $100,000 of its own cash to make this purchase. Cheers paid $50,000 of interest on the debt this year. Cheers received a $40,000 cash dividend on the Beer stock on September 1 of the current year. Cheers has $5 million of taxable income before any dividends-received deduction. a. What amount can Cheers deduct for the interest paid on the loan

Answers

Answer:

Cheers Corporation

The amount that Cheers can deduct for the interest paid on the loan is:

= $50,000.

Explanation:

a) Data:

Investment in Beer Corporation = $500,000

Number of Beer shares purchased = 5,000

Percentage shareholding in Beer Corporation < 5%

Amount borrowed for the investment = $400,000

Own cash used for the purchase = $100,000

Interest paid on the debt for this year = $50,000 = 12.5%

Cash dividend received for the year = $40,000

Cheers taxable income before dividends = $5 million

The amount of interest deductible = $50,000

b) Since the interest was made for the purpose of the investment in Beers Corporation, the whole amount of interest expense for the year is deductible.

Bombs Away Video Games Corporation has forecasted the following monthly sales:

January $113,000 July $58,000
February 106,000 August 58,000
March 38,000 September 68,000
April 38,000 October 98,000
May 33,000 November 118,000
June 48,000 December 136,000

Bombs Away Video Games sells the popular Strafe and Capture video game. It sells for $5 per unit and costs $2 per unit to produce. A level production policy is followed. Each month's production is equal to annual sales (in units) divided by 12. Of each month's sales, 40 percent are for cash and 60 percent are on account. All accounts receivable are collected in the month after the sale is made.

Required:
Construct a monthly production and inventory schedule in units. Beginning inventory in January is 38,000 units.

Answers

Answer:

Bombs Away Video Games Corporation

Production and Inventory Schedule

                Sales Units Production units Ending Units

Beginning inventory                                      38,000

January           22,600        15,200               30,600

February          21,200        15,200               24,600

March                7,600        15,200                  1,800

April                   7,600        15,200                9,400  

May                   6,600        15,200               18,000

June                 9,600        15,200              23,600

July                  11,600        15,200              27,200

August            11,600        15,200               30,800

September    13,600        15,200               32,400

October        19,600        15,200               28,000

November   23,600        15,200                19,600

December   27,200        15,200                 7,600

Explanation:

a) data and Calculations:

Sales Budget ($'000)  Sales Units Production units Ending Units

Beginning inventory                          38,000

January        $113,000    22,600       15,200                30,600

February       106,000     21,200       15,200                24,600

March             38,000       7,600       15,200                   1,800

April                38,000       7,600       15,200                  9,400  

May                33,000       6,600       15,200                 18,000

June              48,000       9,600       15,200                23,600

July               58,000       11,600       15,200                27,200

August          58,000      11,600       15,200                30,800

September   68,000     13,600       15,200                32,400

October        98,000    19,600       15,200                28,000

November   118,000    23,600       15,200                19,600

December  136,000    27,200       15,200                 7,600

Total                            182,400    182,400                

M. Poirot wishes to sell a bond that has a face value of $1,000. The bond bears an interest rate of 11.28% with bond interest payable semiannually. Six years ago, $979 was paid for the bond. At least a 12% return (yield) on the investment is desired. The minimum selling price must be: Enter your answer as follow: 1234.56

Answers

Answer:

M. Poirot

The minimum selling price must be:

= $2,065.09.

Explanation:

a) Data and Calculations:

Face value of bond = $1,000

Interest rate = 11.28%

Interest payment = semiannually

Price of bond six years ago = $979

Desired return (yield) rate = 12%

Minimum selling price can be determined as follows:

N (# of periods)  12

I/Y (Interest per year)  12

PV (Present Value)  979

PMT (Periodic Payment)  5.64

Results

FV = $2,065.09

Sum of all periodic payments $67.68

Total Interest $1,018.41

Should we, as Americans, be concerned with the economies and standard of living of other countries?

Answers

Answer: No the economy and standard of living should be american's focus.

Explanation: If we as american's can't find a solution to our own problem's then it's unlikely that we would be able to solve another countries problems.

No, If we as Americans can't find a solution to our own problem because there exist many differences in the levels of living between various countries.

What is the standard of living?

Standards of living can concern multiple aspects of a population, including satisfaction and productivity. This stands significant because the more significant productivity and happiness exist, the more suitable an economy grows to be as a whole.

The real cause for the dissimilarities in the levels of living between various countries exists the dissimilarity in their levels of national income. The group of national income relies upon the entire volume of an exhibition in the country.

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Which of the following is not an appropriate member of an audit committee?
A А.
An academic specializing in business administration
B
The organization's vice president of operations.
С.
A retired executive of a firm that had been associated with the organization
D
The vice president of the local bank used by the organization

Answers

It’s B, have a good day☀️

The closer the smoothing constant, ALPHA, is to 0 the greater the reaction to the most recent demand the greater the dampening, or smoothing, effect the more accurate the forecast will be the less accurate the forecast will be

Answers

Answer: the greater the dampening, or smoothing effect

Explanation:

The smoothing constant determines the level at which a forecast is influenced by previous observations. It simply determine the sensitivity of forecasts with regards to the changes in demand.

It should be noted that large values of α will lead to a scenario whereby forecasts will be more responsive to the more recent levels. On the other hand, the smaller values will result in a damping effect. Therefore, the closer the smoothing constant to α, the greater the dampening, or smoothing effect.

Explain how the hotel business could create added value to the goods they buy in?

Answers

Answer:

Well-designed rooms, attractive and comfortable appliances, well-dressed and respectful assistants, good quality entertainment equipment, and delightful food made by experienced chefs.

Explanation:

Guests will feel more welcomed to a clean and comfortable hotel. Respectful assistants, good quality entertainment equipment, and food made by experienced chefs can boost the morale of guests.

Network externalities: Select one: A. exist when the usefulness of a product increases with the number of consumers who use it B. are created when celebrity endorsements of products lead to a surge in the demand for those products C. can only exist when there are economies of scale D. prevent the dominance of a market by one firm.

Answers

Answer:

A. )exist when the usefulness of a product increases with the number of consumers who use it

Explanation:

Network externality can be regarded as a change that occur in benefit as well as in surplus, which is been derived by agent from a good when there is a change in number of other agents that consumes this same type of good. Network externality can as well be regarded as "network effect" this effect is one is that is been had by one user of a good/service on the value of the product with respect to each other people.

It should be noted that Network externalities exist when the usefulness of a product increases with the number of consumers who use it

A new employee, John Chapman, earns $10 per hour and gets time-and-a-half over 40 hours per week. His first week he worked 45 hours. Deductions from his check were $30 for OASDI, $7 for Medicare, $ 61 for federal income tax withholding, and $15 for a United Way contribution. What was his gross pay for the period

Answers

Answer: $475

Explanation:

Gross pay is:

= Regular pay + Overtime

= (Regular hours * Regular pay) + ( Overtime hours * regular pay * time and a half)

= (10 * 40 hours) + ( (45 - 40 hours) * 10 * 1.5)

= 400 + 75

= $475

Swifty Corporation manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480000 when 10000 units were produced and sold. The company has a one-time opportunity to sell an additional 1000 units at $145 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:
Income would increase by $45000.
Income would increase by $3000.
Income would increase by $145000.
Income would decrease by $3000.
Coronado Industries is using the target cost approach on a new product. Information gathered so far reveals:
Expected annual sales 350000 units
Desired profit per unit $0.35
Target cost $168000
What is the target selling price per unit?
a. $0.48
b. $0.35
c. $0.70
d. $0.83

Answers

Answer:

1. Swifty Corporation

If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:

Income would increase by $45000.

2. Coronado Industries:

The target selling price per unit is:

d. $0.83

Explanation:

a) Data and Calculations:

Swifty Corporation:

Variable cost per unit = $100

Sales price per unit = $176

Contribution margin per unit = $76 ($176 - $100)

Fixed manufacturing costs = $480,000

Production and sales units = 10,000 units

Revenue from special order = $145,000 ($145 * 1,000)

Variable costs for 1,000 units    100,000 ($100 * 1,000)

Contribution margin                  $45,000 ($145,000 - $100,000)

Fixed costs for special order         $0

Net income =                             $45,000

Coronado Industries:

Expected annual sales 350,000 units

Desired profit per unit $0.35

Target cost $168,000

Desired profit = $122,500 (350,000 * $0.35)

Total sales revenue = $290,500 ($168,000 + $122,500)

Target selling price per unit = $0.83 ($290,500/350,000)

On June 30, 2021, Moran Corporation issued $9.0 million of its 8% bonds for $8.1 million. The bonds were priced to yield 10%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 202

Answers

Answer:

$45,000

Explanation:

Calculation to determine by how much should the bond discount be reduced for the six months ended December 31, 202

First step

Semiannual interest paid on 31.12.2021 = $9,000,000*8%*6/12

Semiannual interest paid on 31.12.2021= $360,000

Second step

Effective interest expense on 31.12.2021 = $8,100,000 * 10% * 6/12

Effective interest expense on 31.12.2021= $405,000

Last step

Bond discount to be reduced for 6 months ended 31.12.2021 = $405,000 - $360,000

Bond discount to be reduced for 6 months ended 31.12.2021=$45,000

Therefore by how much should the bond discount be reduced for the six months ended December 31, 202 will be $45,000

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